Spring auction activity has defied expectations, with solid buyer participation maintaining high clearance rates even as interest rate cuts pause.

The national preliminary clearance rate rose to 71.8% — the highest in three weeks — and has stayed above 70% since mid-June, indicating a healthy selling environment.

Over 3,100 capital city homes went under the hammer last week, with another 3,270 scheduled, marking the busiest stretch since early 2024. Melbourne saw a sharp rebound post–Cup Week, with a 72.8% clearance rate, while Sydney maintained a firm 70%. These results point to an active, balanced market rather than a speculative boom.

SQM Research’s Louis Christopher describes conditions as a “seller’s market,” but one that still demands realistic pricing. The combination of earlier rate cuts, stronger investor confidence, and expanded first home buyer incentives is sustaining deep buyer pools across many suburbs.

With listings rising into summer, competition remains strong for well-presented homes. Sellers who price strategically continue to attract multiple bidders, while buyers are acting quickly to secure quality properties before conditions potentially tighten further in 2025.